SG Americas Securities LLC Acquires 318,714 Shares of Pinnacle Financial Partners, Inc. $PNFP

SG Americas Securities LLC increased its stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 245.6% during the 1st quarter, Holdings Channel reports. The institutional investor owned 448,493 shares of the company’s stock after buying an additional 318,714 shares during the period. SG Americas Securities LLC’s holdings in Pinnacle Financial Partners were worth $38,633,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PNFP. Brown Brothers Harriman & Co. acquired a new stake in Pinnacle Financial Partners in the 3rd quarter valued at about $26,000. High Point Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners during the fourth quarter worth approximately $27,000. BOKF NA lifted its position in shares of Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after purchasing an additional 265 shares in the last quarter. Activest Wealth Management bought a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $28,000. Finally, CIBC Private Wealth Group LLC grew its stake in shares of Pinnacle Financial Partners by 175.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock valued at $32,000 after purchasing an additional 216 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. TD Cowen lowered their target price on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Piper Sandler restated an “overweight” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, June 10th. UBS Group upped their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Finally, Barclays decreased their price target on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average price target of $114.88.

Pinnacle Financial Partners Trading Down 0.3%

Shares of Pinnacle Financial Partners stock opened at $96.18 on Wednesday. The business’s fifty day simple moving average is $96.41. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $7.46 billion, a P/E ratio of 13.34, a PEG ratio of 0.37 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%.The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Analysts predict that Pinnacle Financial Partners, Inc. will post 10.25 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 1st were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Friday, May 1st. Pinnacle Financial Partners’s payout ratio is currently 27.74%.

About Pinnacle Financial Partners

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.